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Share scams (also known as boiler room scams)

What are share scams?

The Financial Services Authority (FSA) is warning that shareholders of UK companies are being targeted by fraudulent ‘investment specialists’ using hard-selling techniques.

Sometimes called ‘boiler rooms’, these fraudsters mainly operate from overseas by phone. Callers promise high profits, often saying that shares are about to ‘sell out’.

Don’t fall for it! These shares are non-existent, over-priced or worthless.  The good news is that you can help to protect yourself with these helpful tips.

Watch out for…

• High-pressure cold calls — it is illegal to sell people shares over the phone
  
  
• Websites — fraudsters can easily create professional sites and they may not be all they appear to be
  
  
• Any offer that sounds too good to be true – like discounted shares or shares that are ‘guaranteed’ to double or treble in value. If it sounds too good to be true, it probably is!

How you can protect yourself

• Find out more — there are links to some useful websites below
  
  
• If callers are persistent, just hang up — don’t worry about being rude
  
  
• Never be pressured into a decision because something is 'selling out fast'
  
  
• Get the full name of the organisation — ask callers to spell it
  
  
• Check whether they are authorised by the FSA by visiting www.fsa.gov.uk/register 
  
  
• If they are not, report them to the FSA by calling 0845 606 1234. You can also report them just for cold-calling you

Be safer with a nominee account

Fraudsters often target shareholders by getting their name and details from a company’s share register. Holding your shares in a nominee can protect your privacy.

You can transfer your Standard Life plc shares into the company sponsored nominee - the Standard Life Share Account (SLSA) - by contacting Computershare. Or you can get in touch with your broker to find out about their nominee services.

If your shareholder reference number begins with the letter ‘I’ then you are already a member of the SLSA.

Find out more Find out more about share scams and how to protect yourself by going to: www.fsa.gov.uk/ — the website of the FSA (Financial Services Authority) www.oft.gov.uk  — the website of the Office of Fair Trading www.computershare.co.uk — our registrar’s website

Remember…If you deal with an unauthorised firm, you have no protection. The average amount lost by investors in 2006 was around £20,000*.


* Source FSA/ICSA boiler room scams leaflet July 2008.